Business Readiness for New Food Businesses
This segment covers important aspects of successfully launching a new food business. Including a checklist of needs, marketing strategies, staffing, trade shows, pricing for profitability and market entry, and essential “to dos” for anyone starting or growing a small food business. Presenters will give case studies of local success stories, along with one or two failures to learn from. a. What do I need to do to launch? Checklist of needs: Working capital, access to manufacturing, product liability insurance. b. Staffing and sales force- What do I do when I can’t do it all anymore? Direct hires vs. contracted labor. Key management support- Accounting, HR, billing, payments. c. COGS, determining profit margins. How much do I need to produce and sell to make a profit? How much should my labor costs be as % of revenues? Other metrics of business performance. d. Sourcing your inputs: Packaging and ingredients e. Minutia of businesses management: Sales taxes for direct sales, workers comp insurance, Quickbooks, Square and other e-tools for business success. f. Nuts and bolts of a business plan. Where are you now, where do want to be in 2 years, and how will you get there?
Speaker(s): Smithson Mills - Blue Ridge Food Ventures
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